ISLAMABAD: Pakistan’s High Commissioner to Malaysia Syed Hassan Raza has said that Pakistan and Malaysia were negotiating to further reduce duties on existing tariff lines under Free Trade Agreement (FTA) to facilitate businesses in both countries.
According to a press statement, Raza was addressing a seminar held in Kuala Lumpur on “Doing Business with Pakistan”, jointly organised by Malaysia External Trade Development Corporation (MATRADE) and High Commission of Pakistan in Malaysia. Over 200 Malaysian companies and Pakistani businessmen attended the seminar.
Raza highlighted the investment opportunities and trade potential in Pakistan and informed the participants that there were numerous opportunities for companies in both countries due to the FTA signed in 2008.
He added that the Malaysian exports to Pakistan included palm oil, fibre board, rubber, electrical and electronic equipment while Pakistani exports to Malaysia included rice, maize, cotton, textile and vegetables. He added that diversification of products was the key to boost trade between the two countries.
Regarding investment opportunities, he mentioned that the present investment regime was the most liberal in the region. He added that foreign equity could be owned fully by foreign investors as almost all sectors were open for investment.
He said special incentives were available for automotive industry investors under the new Auto Policy 2016-21. He emphasised that Pakistan was stable and peaceful and foreign investors were welcome to visit any part of the country.
He also underlined the importance of promoting tourism between the two countries and informed participants about the various scenic locations. He apprised people of the numerous low-cost shopping opportunities in Pakistan that offered textile and other consumer goods.
The high commissioner also highlighted the recent economic cooperation between China and Pakistan which had resulted in the China-Pakistan Economic Corridor (CPEC) project.
Raza said that CPEC was a game changer for the entirety of South and Central Asia in terms of connectivity, access, reduction of distance and time for traffic. He added that the project would enhance development prospects of the region and provide investment and trade opportunities for all.
Earlier, MATRADE CEO Dato Dzulkifli Mahmud highlighted the role of MATRADE in promotion of bilateral investment and trade between Malaysia and Pakistan. Mahmud highlighted the advantages of doing business with Pakistani companies and said that both the countries had Malaysia-Pakistan Closer Economic Partnership Agreement (MDCEPA) since 2007, which became operational in 2008.
Mahmud said that ten Malaysian companies were working in Pakistan in different sectors. He urged the Malaysian service sector to explore opportunities in Pakistan.
Meanwhile, in a panel discussion during the seminar, the panellists highlighted the working environment in Pakistan and explained the ease of doing business. They projected that the recent economic indicators of Pakistan reflected that the country was on the path to development and the future of new investors was promising in terms of security and returns on investment.